Spillover effect test
| Variables | (1) | (2) |
|---|---|---|
| Corporate green M&As: GMA | ||
| TREAT × POST | 0.048** (2.480) | 0.036* (1.698) |
| TREAT_NCITY × POST | −0.010 (−0.680) | |
| TREAT_NPRO × POST | 0.015 (1.117) | |
| Control vars | Yes | Yes |
| Corporate/year FE | Yes | Yes |
| Observation | 27,998 | 27,998 |
| Adj_R2 | 0.420 | 0.420 |
| Variables | (1) | (2) |
|---|---|---|
| TREAT × POST | 0.048 | 0.036 |
| TREAT_NCITY × POST | −0.010 (−0.680) | |
| TREAT_NPRO × POST | 0.015 (1.117) | |
| Control vars | Yes | Yes |
| Corporate/year | Yes | Yes |
| Observation | 27,998 | 27,998 |
| Adj_ | 0.420 | 0.420 |
***, ** and * denote significance at 1, 5 and 10%, respectively. Corporate/year FE are corporate- and year fixed effects. Prefecture control variables include LNGDP and FINANCE, and corporate control variables include SIZE, LEV, SOE, ROA and AGE. The sample period is from 2011 to 2022. GMA is measured by the natural logarithm of its yearly count of green M&A activities plus one
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